For More Information Contact:
Mariel Marchand, Power Supply Planner 508-375-6623
For Immediate Release: May 31, 2022
CAPE LIGHT COMPACT ANNOUNCES NEW POWER SUPPLY PRICING
South Yarmouth, MA – Cape Light Compact has set the electricity supply rates for its green aggregation power supply program for the upcoming pricing term that begins with the June 2022 meter read dates and ends on December 2022 meter read dates for residential and commercial customers.
The Compact’s new residential pricing will be 16.999 cents per kilowatt-hour (kWh), a rate that is slightly less than one cent per kWh lower than the utility’s basic service supply pricing, but is a two cent increase from the existing rate. Compact power supply customers should see this price reflected on the electric utility bills that they receive in July.
The Compact’s June – December electric rates reflect the increase in New England-wide wholesale electricity market prices which is largely driven by increased natural gas prices. All retail and utility electricity suppliers are facing these high market prices to which the war in Ukraine and a reduced supply of alternative fuels (e.g., coal) is contributing. Higher per-kilowatt hour electricity rates reinforce the importance of participating in the Compact’s energy efficiency programs to reduce kilowatt hour usage.
“The Compact continues to offer comprehensive energy efficiency programs to help Cape and Vineyard customers reduce their energy use and costs, and we’ve begun a number of new offerings approved in the 2022-2025 Statewide Energy Efficiency Plan. Energy efficiency measures are available to both residential and business customers,” said Maggie Downey, Cape Light Compact Administrator. “The first step is to participate in our Home or Business Energy Assessments, which can help customers identify areas for potential energy and cost savings. Customers can also utilize our many rebates and incentives on efficiency upgrades.” To schedule an energy assessment or learn more about the Compact’s energy efficiency programs, customers can call 1-800-797-6699 or visit CapeLightCompact.org.
“Despite the higher cost compared to winter rates, the Compact is glad to be able to provide our customers with cost savings over the local utility. With competitive rates, no hidden fees, and continued investment in renewable energy, our customers can rest assured they are making the right choice being part of our power supply program,” said Downey.
Since 2017, the Compact’s green aggregation power supply program has supported renewable resources by matching all customers’ electricity usage with renewable energy certificates (RECs), by purchasing RECs above Massachusetts state requirements from New England-based projects and other sources, and by helping to finance new renewable energy projects directly through the EarthEra™ Renewable Energy Trust. The Compact purchases a small portion of its renewable power and RECs at a fixed price from a new solar farm in Farmington, Maine which provides a bit of price stability.
In addition to the standard renewable power supply product, the Compact offers two CLC Local Green℠ options. CLC Local Green℠ allows customers to choose to have 50% or 100% of their energy use matched with additional Massachusetts Class 1 RECs. These RECs allow for the customers’ energy usage to be matched with renewable energy sourced from New England. While the standard power supply program helps directly finance new renewable energy projects, CLC Local Green℠ goes above and beyond to provide additional support for local renewable energy development in New England. Pricing for CLC Local Green℠ 50 includes a premium of 1.3 cents per kWh above the standard power supply price, and CLC Local Green℠ 100 includes a premium of 3.6 cents per kWh.
|Term||Jun '22 - Dec '22||Jun '22 - Dec '22||Jun '22 - Sept '22|
|Local Green 50%||18.299||18.21||17.963|
|Local Green 100%||20.599||20.51||20.263|
The Compact’s new commercial rate for June 2022 through December 2022 meter read dates will be 16.91 cents per kWh and the industrial rate for the period of June 2022 through September 2022 meter reads will be 16.663 cents per kWh.
Customers not currently receiving their power supply from Cape Light Compact or who wish to opt in to the CLC Local Green℠ program can do so online at www.capelightcompact.org/power-supply or by calling the Compact’s power supply provider, NextEra Energy Services, at 1-800-381-9192 .
ABOUT CAPE LIGHT COMPACT JPE
Cape Light Compact JPE, is an award-winning energy services organization operated by the 21 towns on Cape Cod and Martha’s Vineyard and Dukes County. The Compact’s mission is to serve its 205,000 customers through the delivery of proven energy efficiency programs, effective consumer advocacy and renewable competitive electricity supply. For more information, visit www.capelightcompact.org.